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Seigniorage, Taxation and Myopia in EMU

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  • Thomas Krichel

    ()
    (University of Surrey, Department of Economic)

Abstract

We examine fiscal policy coordination in a two-country world with two types of asymmetries. The first type of asymmetry is a difference in the efficiency of taxation systems, the second is a varying degree of myopia as represented by discount rates. We examine the conditions under which cooperation is beneficial for both countries and we examine how asymmetries affect the loss inflicted by discretion. Our results show that if asymmetries are too great, EMU has poor welfare properties.

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Paper provided by School of Economics, University of Surrey in its series School of Economics Discussion Papers with number 9401.

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Date of creation: Apr 1993
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Handle: RePEc:sur:surrec:9401

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  1. Maurice Obstfeld, 1989. "Dynamic Seigniorage Theory: An Exploration," NBER Working Papers 2869, National Bureau of Economic Research, Inc.
  2. Levine, Paul L & Pearlman, Joseph, 1993. "Optimal Tax Policy, Government Myopia and Insolvency," CEPR Discussion Papers 768, C.E.P.R. Discussion Papers.
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